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Iceland’s FSA Completes Banking Collapse Investigation

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Iceland’s FSA Completes Banking Collapse Investigation

February 15, 2013 09:57Updated: January 30, 2014 20:24

Representatives of the Financial Supervisory Authority of Iceland announced at a press conference yesterday that the authority has completed its investigation of cases connected with the banking collapse in 2008, which total 205.

Glitnir, one of the banks that collapsed. Photo: Páll Kjartansson/Iceland Review.

“It’s safe to say that the extent of violations was surprising,” commented Sigurveig Guðmundsdóttir, director of on-site inspections and securities, to reporters.

Around half of the cases, 103, were filed to the Special Prosecutor’s Office, four were concluded with administrative fines and 98 disallowed, Fréttablaðið reports.

Most cases that were filed to the Special Prosecutor, 47, concerned breach of trust, 22 concerned insider fraud and 18 market abuse.